Bed Bath & Beyond buys buybuy Baby for $67 mln

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NEW YORK, March 22 (Reuters) - Bed Bath & Beyond Inc. (BBBY.O), the home goods retailer, on Thursday announced the the acquisition of buybuyBaby, a privately-held retailer of infant and toddler merchandise, for about $67 million in cash. Founded in 1996, buybuy Baby has 8 stores in New York, New Jersey, Maryland and Virginia. Its products include furniture, car seats, strollers, feeding, bedding and bath items, clothing and toys. The company is based in Garden City, New York.

Bed Bath Chief Executive Steven Temares called buybuy Baby an “excellent strategic fit,” given the many prospective and current parents among Bed Bath’s customers.

Union, New Jersey-based Bed Bath said the purchase price is net of cash acquired. The transaction also envisions the repayment of about $19 million of debt. Bed Bath said the transaction will not materially affect fiscal 2007 results.

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